Spheria Emerging Companies estimates pre-tax NTA at $2.601

Spheria Emerging Companies Limited (ASX: SEC) announced an estimated pre-tax Net Tangible Asset (NTA) backing per share of $2.601 as of December 18, 2025. This figure is unaudited and approximate, based on the daily value of the company's investment portfolio and cash balances.

The NTA per share estimate also accounts for adjustments such as management fees, performance fees (if applicable), and estimated movements in operating costs and income taxes since the last reported NTA.

Pre-tax NTA includes tax on realised gains/losses and other earnings, but explicitly excludes any provision for tax on unrealised gains/losses. NTA calculations do not include deferred tax assets related to capitalised issue cost balances and income tax losses. The announcement was authorised by Terence Kwong, company secretary.